CROYDON TABERNACLE LIMITED BY GUARANTEE
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Company No: 03546731 Charity No: 1070276
CROYDON TABERNACLE
Financial Statements for the Year Ended 31 December 2024
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|Contents|Page|
|Legal and Administrative Information|1|
|Report of|the Trustees|2|
|Independent Examiner's|Report|7|
|Statement|of Financial|Activities|8|.|
|Balance|Sheet|9|
|Notes|forming part of the|Financial|Statements|10|-|13|
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CROYDON TABERNACLE Financial Statements for the Year Ended 31 December 2024
REFERENCE AND ADMINISTRATIVE DETAILS
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Charity Name: CROYDON TABERNACLE
Company Registration Number: 03546731
Charity Registration Number: 1070276
Registered Office & Operational Address: 38/40 Parsons Mead
Croydon
CRO 3SL
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CROYDON TABERNACLE
Trustees:
Abiola Olufeyimi (Chair) Chuka Nwafor (Secretary) Catherine Runsewe
Accountants:
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Bankers:
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APM Consultants (CA) Ltd 40 Lorne Gardens Croydon CRO 7RY HSBC Bank Lloyds Bank
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CROYDON TABERNACLE
Trustees’ Report and Financial Statements for the Year Ended 31 December 2024
Trustees Report
The Trustees present their report together with the accounts for the year ended 31 December 2024. The accounts have been prepared in accordance with the Statement of Recommended Practice 2005 and other applicable laws.
Structure, Governance and Management
The charity is constituted under a Trust Deed with registered charity number, 1070276.
a) Method of Appointment or Election of Trustees
The management of the charity is the responsibility of the Trustees who are appointed and co-opted under the terms of the Trust Deed.
b) Policies Adopted for the Induction and Training of Trustees
The induction process for any newly appointed member of the trustees comprises of an initial meeting with the Chair and other Trustees attending relevant training sessions, followed bya series of short meetings with the Minister in charge.
c) Organisational Structure and Decision Making
The charity is organized, with Trustees meeting regularly to manage its affairs. There is a Church Administrator, who is assisted by a team of volunteers, tasked with responsibilities of handling the daily affairs of the charity.
d) Risk Management
The Trustees have assessed the major risks to which the charity is exposed, those related to the operations and finances of the charity and are satisfied that systems are in place to mitigate their exposure to the major risks.
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CROYDON TABERNACLE
Trustees’ Report and Financial Statements for the Year Ended 31 December 2024
Objectives and Activities
a) Policies and Objectives
The objectives of the church are to advance the Christian religion for the public benefit in accordance with the doctrines of our Lord Jesus Christ, through the holding of prayer meetings, evangelism, distributing of Chrisian literature and tracts, broadcasting, relief of poverty, and such charitable means as the Trustees consider appropriate.
b) Strategies for Achieving Objectives
The charity has adopted the following strategies for achieving the above objectives: Organising seminars and events with proven speakers and ministers of the faith to guide members in the various aspects of the Christian faith, and support for other local charities and events.
c) Activities for Achieving Objectives
- e Organising programmes for the advancement of Christian religion e Community outreach events © Provision of welfare support to members and residents in the local community e Provision of support for other charities e Organising conferences and events to support its objectives, for the benefit of its members and the community in which it operates.
d) Grant making Policies
In line with the object of the charity, to relief poverty and the advancement of Christian religion worldwide, the charity support missionary programmes and organisations. These include Redeemed Christian Church of God (RCCG), Festival of Life, African Child Trust, World Evangelical Mission (WEM) Outreach, and other charities and residents within its local community. Members of the congregation who are in need and need the support of the charity are also supported, at the discretion of the trustees and the pastorate.
e) Volunteers The charity is grateful for the good efforts of its volunteers who are involved in service provisions across the various groups and teams in the church. The charity has a Volunteers Coordinator to ensure that best value is derived from the sterling efforts of its volunteers. The volunteers, who are mostly members of the church, anchor most of the activities of the Charity, as carried out by the various departments in the church. The departments include:
- e Branch of Jesse e Esthers e Daniel Generation e Evangelism Outreach e Welcoming & Visitation e Heart of Compassion & Welfare team e Ushering e Technical Teams
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| CROYDON TABERNACLE Trustees’ Report and Financial Statements for the Year Ended 31 December 2024
ACHIEVEMENTS AND PERFORMANCE FOR THE PUBLIC BENEFIT
Croydon Tabernacle as a place of worship, is also engaged in evangelism, discipleship, fellowship, and ministry. The charity continues to consolidate on the gains of previous development and has successfully ministered to the needs of various social groups within and outside the church. During the year, the charity partnered with and reached out to various community groups through the provision of seasonal hampers, and hardship programme support for its members and residents in the local community. The Charity continues to provide invaluable financial support for the Festival of Life prayer event held in London and in other regions in the UK. In addition, the Charity continues to provide financial support to other charities within the UK and overseas, which operate within its objectives.
During the year, the charity hosted events to build stronger fellowship and family ties among its members. The charity provided forum for manpower development for its members to be equipped educationally, socially and spiritually. It offers various counselling sessions to its members, the needy, and the unemployed.
The charity reached out in other ways to members of the local community through targeted approach with gifts, and provision of day-to-day items and resources. The charity celebrated Christmas with services such as the Christmas Carol and celebrations for its members and other less privileged members of its community. This aims to share the good news of the gospel with its members and the local community.
To continue to be more relevant, the charity continued to improve its outreach programme. It invested an additional sum in sound and media systems and equipment. The church continued to stream its programmes live on You Tube, providing access from any part of the world through the internet. Other activities and events in support of the outreach and evangelism programmes continued throughout the year at the Whitgift Shopping Centre, Croydon.
The Charity also embarked on various training programmes to equip more church volunteers with the relevant skills in basic counselling that will help them serve the community better. The Charity continues to support and encourage young people by providing a Youth Church, where teenagers meet on Sunday, to support, encourage, and learn from one another.
The charity continues to fulfil its main objectives, by creating facilities to support and help develop the whole man, spiritually, mentally, and physically. The charity’s Men and Women’s ministries continue to hold regular meetings, where members are encouraged to grow in every area of their lives: in faith, family, finance, and to be good role-models in society, and other walks of life.
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CROYDON TABERNACLE
Trustees’ Report and Financial Statements for the Year Ended 31 December 2024
Financial Review
a) Reserves Policy The trustees have established a policy where the unrestricted funds not committed or invested in tangible fixed assets (the free reserves’) held by the church should be 3 months of annual expenditure. At this level, the trustees feel that they would be able to continue the current activities of the church in the event of a significant drop in funding.
b) Principal Funding
This is generously provided mainly through voluntary offerings and tithes by the Church members. The charity applied to HMRC for gift aid claims on donation from the congregation.
c) Plans for the Future The charity aims as part of fulfilling its charitable objectives, to continue to explore various ways of spreading the gospel of Christ in an effective manner through poverty alleviation and addressing the core needs of people in the local community. In this regard, the charity is also looking to make lifechanging impact on society, and in line with its investment policy that supports its main objectives the charity is exploring options of setting up a Housing Association, in which it can invest its excess funds and put its assets to effective use. This, the Trustees believe, will assist with alleviating housing accommodation challenges being encountered by specific groups in the local community.
The Charity seeks to provide services and activities that meet the needs of people in the community. These activities provide a positive change in the moral and spiritual climate of the local borough which reflects the charity’s Christian ethos and beliefs. The demography of its congregation is fast changing, and the church is striving to support and meet the needs of its growing membership, who have recently migrated to the United Kingdom.
In between all the developments and challenging circumstances faced by the charity, members continue to focus on the soul winning objective of the charity. The outcomes are huge, and the charity continues to impact positively on the lives of its members and the local community.
d) Financial Controls The Trustees continue to review the systems and processes of financial controls. There have been improvements in the charity’s systems of financial controls, with more transparency and accountability. The Finance Committee continues to work closely with the Board of Trustees in overseeing compliance with all financial processes and controls of the charity.
e) Post Balance Sheet Event Since 2024 financial year end, the charity received the sum of £105,696 from HMRC, with regards to the outstanding shortfall payment on Gift Aid claims submitted for the year to December 2018.
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CROYDON TABERNACLE
Statement of Trustees’ Responsibilities
The Trustees are responsible for preparing the Annual report and financial statements in accordance with applicable laws and regulations.
Company law requires the Trustees to prepare financial statements for each financial year. Under the law, the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable !aw). Financial statements are required by law to give a true and fair view of[the][ state][of][ affairs][ of][ the][ charity] and of the surplus or deficit of the charity for that period. in preparing these financial statements, the Trustees are requested to: are requested to: requested to: to:
| Trustees are requested to: are requested to: requested to: to: | e Select suitable accounting policies and then apply them consistently. | | ¢ Make judgements and estimates that are reasonable and prudent. e State whether applicable accounting standards and statements of recommended practice | have been followed, subject to any departures disclosed and explained in the financial | statements. | e Prepare the financial statements on the going concern basis unless it is inappropriate to | presume that the charity will continue in operation. | The trustees are responsible for keeping proper accounting records, which disclose with reasonable | | accuracy at any time the financial position of the charity and enable them to ensure that the financial | statements comply with General Directions given by the Charity Commission. They are also | responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the | prevention and detection of fraud and other irregularities. | | | Approval | VHRLOGd ‘SOG, ‘SOG, } ; | This report was approved by the the Board of Trustees Trustees OM rora.sssssitecenssssssneereversrensa.sssssitecenssssssneereversrens signed on its | behalf by: by:
| VHRLOGd ‘SOG, ‘SOG, } ; | This report was approved by the the Board of Trustees Trustees OM rora.sssssitecenssssssneereversrensa.sssssitecenssssssneereversrens signed on its | behalf by: by: | ‘ * : | | h- OA aut, Oct 2028 | see fret Dofus. Daten eicdeesssecsssseecnsessessersesssneres
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Financial Statement for the Year Ended 31 December 2024
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CROYDON TABERNACLE
INDEPENDENT EXAMINERS REPORT
Independent Examiner's Report to the Trustees of Croydon Tabernacle.
I report on the accounts of the above Charity for the year ended 31 December 2024 set out on pages 5 to 13.
Respective responsibilities of trustees and independent examiner
The Charity's Trustees are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that independent examination is needed.
It is my responsibility to: - examine the accounts under section 145 of the 2011 Act - follow the procedures laid down in the general direction given by the Charity Commission under section 145 (5)(b) of the 2011 Act, and - to state whether particulars matters have come to my attention.
Basis of independent examiner's statement
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My examination was carried out in accordance with general direction given by the Charity Commission.
An examination includes a review of the accounting records kept by the Charity and a comparison of the
accounts presented with those records. It also includes consideration of any unusual items or disclosures in the
accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken
do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to
whether the accounts present a ‘true and fair' view and the report is limited to those matters set out in the
statement below.
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Independent examiner's statement
In connection with my examination, no matter has come to my attention:
- Which gives me reasonable cause to believe that in any material respect the requirements - To keep accounting records in accordance with section 130 of the 2011 Act; and - To prepare accounts which accord with the accounting records and to comply with the accounting requirements of the 2011 Act have not been met; or 2. To which in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Khe APM Consultants (CA) Ltd 40 Lorne Gardens Croydon. CRO 7RY
oo n- Date: 7th Oat wy
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CROYDON TABERNACLE Financial Statements for the Year Ended 31 December 2024
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STATEMENT OF FINANCIAL ACTIVITIES
2024 2023
Unrestricted Restricted Total Total
Funds Funds Funds Funds
Notes - £ £ £ £
Incoming resources
Incoming resources from generated funds:
Voluntary Income:
Donations and Offerings 6 212,657 - 212,657 321,722
Activities for generating funds:
Total incoming resources 212,657 - 212,657 __ 321,722
Resources Expended
—
Cost of generating funds
Costs of generating voluntary income
Charity activities 7 47,221 58,759
Governance and other support costs 3 119,607 142,592
Total resources expended 166,829 201,350
Net Income / expenditure before other 45,828 120,372
recognised gains or (losses)
Other recorgnised gains or (losses) - -
Net movement in funds 45,828 120,372
Reconciliation of funds
Total funds brought forward $44,528 724,156
Transfer between funds - -
Balance written off - -
Total funds carried forward $90,356 844,528
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The statement of financial activities include all gains and losses in the year. All incoming . resources and resources expended derive from continuing activities. * . ay Name:My \o le A {ete Sign: 3 Date: 2 Cca,‘
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CROYDON TABERNACLE Financial Statements for the Year Ended 31 December 2024
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|BALANCE SHEET AS AT 31 DECEMBER 2024|
|Notes|2024|2023|
|£|£|
|Fixed Assets|
|Tangible Assets|2|350,832|380,366|
|CurrentDebtors|Assets|3|204,232|206,329|
|Cash at bank and in hand|§12,399|410,089|
|716,631|616,418|
|Creditors due within one year|4|(51,600)|(26,750)|
|Net Current Assets|665,031|589,668|
|Creditors due after one year|5|(125,506)|(125,506)|
|Total Net Assets|;|890,357|844,528|
|Unrestricted|Funds|
|General funds|844,528|724,156|
|Surplus for the year|45,829|120,372|
|Fund balances|890,357|844,528|
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CROYDON TABERNACLE
Financial Statements for the Year Ended 31 December 2024
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
1 Accounting Policies
(a) Accounting Convention
The Financial Statement has been prepared under the historical cost convention, in accordance with applicable UK Accounting Standards and also with the recommendations in the Statement Of Recommended Practice (SORP): Accounting and Reporting by Charities issued in March 2005.
The Charity has taken advantage of the exemption of Financial Reporting Standard no.1 from the requirements to produce a Cash Flow Statement on the ground that it qualifies as a small Charity applicable accounting standards and the Charities SORP (Statement Of Recommended Practice)
(b) Fund Accounting
General funds are unrestricted funds, which are available for use at the discretion of the trustees in furtherance of the general objectivesof the company and which have not been designated for other purposes. Unrestricted funds may include a revaluation reserve representing the restatement of investment assets at market value where applicable. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
(c) Incoming Resources
Income is mainly from voluntary contributionsfrom members of the Church and bank interest received which are included in the financial statements.
(d) Resources Expended
Expenditure is accounted for on an accrual basis and are classified under headings that aggregate all costs related to the category on a consistent basis year to year. Management and administration costs are those incurred in connection with administration of the organisation and compliance with constitutional and statutory requirements.
(e) Tangible Fixed Assets and Depreciation
Fixed assets are stated at cost less accumulated depreciation.
Depreciation is provided on all tangible fixed assets at rates calculated to write off cost over their expected useful lives as follows:
Freehold Building Straight line method Furnitures, Fixtures and Fittings. 20% Straight line method Computers and Equipments 33% Straight line method
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CROYDON TABERNACLE
Financial Statements for the Year Ended 31 December 2024
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
| 2 FixedAssets |
Freehold Building |
Computer& Equipment |
Furniture& Fittings |
Total | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Cost At |
January2024 Additions |
800,912 - |
55,593 1,791 |
14,577 - |
|
| At 31 December2024 | 800,912 | 57,384 | 14,577 | 872,872 | |
| Depreciation At 1 January2024 Charge fortheyear |
442,220 15,600 |
42,861 13,040 |
5,635 2684 |
490,716 31,324 |
|
| At 31 December2024 | 457,820 al |
55,901 a |
8,319 a |
522,040 Deel |
|
| NetBookValue At31 December2024 |
343,092 | 1,483 | 6,258 | 350,832 | |
| NetBookValue At31 December2023 |
358,692 | 12,732 | 8,942 | 380,366 | |
| 3 Debtors Amounts fallingdue : |
2024 £ |
2023 £ |
|||
| Debtors -Other Debtors -Prepayment |
200,098 4,133 204,232 |
202,498 3,831 206,329 |
|||
| 4 Creditors:Amounts fallingduewithinoneyear |
2024 £ |
2023 £ |
|||
| Accruals | 51,600 | 26,750 | |||
| 51,600 ———— |
26,750 eel |
||||
| 5 Creditors:Amountsfallingdue afteroneyear |
2024 £ |
2023 £ |
|||
| TaxandSocial Security | 43,893 | 43,893 . |
|||
| Bankloan Others&accruals |
- 81,613 125,506 ———SS— |
81,613 125,506 ——SS |
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CROYDON TABERNACLE
Financial Statements for the Year Ended 31 December 2024
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
| 6 IncomingResources |
Unrestricted | Unrestricted | Restricted | 2024 | 2023 |
|---|---|---|---|---|---|
| Funds | Funds | £ | £ | ||
| Tithes,Offering&Thanksgiving | 206,429 | - | 206,429 | 217,445 | |
| GiftAid Reclaim | - | 100,657 | |||
| Bank InterestReceived | 6,228 | - | 6,228 | 3,620 | |
| 212,657 oS |
- 212,657 ———————_———————————__— |
321,722 ee |
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| 7 Costof generatingfunds |
infurtherance of | 2024 | 2023 | ||
| the charity's object: | £ | £ | |||
| Telephone, Internet&Fax | 3,258 | 3,048 | |||
| Salaries&Wages (InclNI) | 22,675 | 22,746 | |||
| Honorarium Light, Heat,Water&Power |
50 11,632 |
2,100 11,826 |
|||
| ChurchOutreach, Evangelism&Publicity | Publicity | 295 | 1,438 | ||
| Training, Meetings&Conferences (inclhallhire) | 888 | 640 | |||
| Events, Hospitality&Welfare Support | 8,424 | 16,960 | |||
| 47,221 | 58,759 | ||||
| 8 Management&Administration |
ofCharity | 2024 | 2023 | ||
| £ | £ | ||||
| Charitable Donations: | |||||
| WEMFund | 8,900 | 13,450 | |||
| Festival ofLife | 1,200 | 1,200 | |||
| Others Repairs&Maintenance |
5,200 25,967 |
8,318 26,849 |
|||
| Church RunningExpenses&Administration | 12,430 | 18,969 | |||
| Legal& Professional Fees | 450 | 20 | |||
| Insurance | 4,919 | 4,963 | |||
| Office ofthe Pastor | - | 211 | |||
| CleaningExpenses | 3,662 | 3,703 | |||
| ChoirExpenses | 17,993 | 20,529 | |||
| Computer Costs& Software | 1,324 | 2,055 | |||
| BankCharges (inclprocessing fees) | 3,117 | 3,572 | |||
| TravellingExpenses | - | 1,120 | |||
| Printing, Postage& Stationery | 931 | 1,291 | |||
| AccountancyFees | 1,554 | 4,713 | |||
| Depreciation: | |||||
| Furnitures, Fixtures and Fittings | 2,684 | 2,684 | |||
| Computers&Equipments | 13,040 | 12,443 | |||
| FreeholdProperty | 15,600 | 15,600 | |||
| Subscription& Publication | 635 | 902 | |||
| 119,607 —— |
142,592 ——— |
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